Para 5.15.3 — CAM

Note: In some cases, rectifications may be required on being detected due to reconciliation of balances, or otherwise. In such cases, the rectification of misclassification relating to earlier years will be carried out through Prior Period Adjustments as envisaged in para 5.15.3.

5.15.3 Prior Period Adjustments: Adjustments relating to "Proforma Correction" in respect of the type of transactions referred to in para 5.15.2 will not be passed through the regular monthly accounts, and they will not be shown in the SCT. Even the opening balances in such cases will not be corrected with a foot note. However, a full account of such adjustments in an account named "Prior Period Adjustment Account" will be submitted with the material for the Union Government Finance Accounts, in terms of IGAS 4.